APIA: 15 June 2012: Plans to develop Samoa’s financial trade center are forging ahead.

The Minister of Finance Faumuina Tiatia Liuga, informed Parliament last night that “over a hundred big overseas companies” have indicated they will register with the Center once it starts operating.

“It will run as a Stock Exchange and at least one local company will be listed when the center is operational. SIFA (Samoa International Finance Authority) will also play a major role in this venture,” he explained.

But eventually, Faumuina said, the stock exchange will encompass other private sector ventures in energy development, tourism and hotels, Information Technology, banking, airports, ports and shipping.

“We recently came back from a road show in Singapore, Hong Kong, Shenzhen, Beijing and Chengdu in China. It was a fact finding mission to familiarize ourselves with the step-by-step set up of such a center.”

BANK
The minister said that the stock exchange will also be identifying a banking underwriter.

Immediate benefits from the financial center to the local economy, Faumuina said, includes huge foreign investment, job creation, corporate tourism and infrastructure development in partnership with the private sector.

“There will immediately be a proliferation of white collar employment opportunity for our young people, spinoffs to the tourism sector.

“Our GDP forecast for next year is slated at $1,7 billion. In five years – with the financial center in full operation – the GDP should jump to well over $2 billion.”

The center is planned to be housed in “at least a 15-storey complex” yet to be decided by Cabinet, said Faumuina.

“But Cabinet and my Ministry are keen to push this venture forward. Construction of the new complex will certainly begin in the first quarter of next year. It will be funded by investors from overseas. That is about the same time Government will be building its new multi-storey headquarters at Savalalo.”